Innovative Industrial Properties, Inc. (NYSE: IIPR), a real estate investment trust focused on cannabis facilities and life science investments, announced the launch of a public offering of its Series B Cumulative Redeemable Preferred Stock.

The company plans to apply to list the Series B Preferred Stock on the NYSE under the symbol "IIPR Pr B." No market currently exists for the shares. Underwriters will be granted a 30-day option to purchase additional shares to cover overallotments.

The company said it intends to use the net proceeds to fund all or part of its remaining unfunded commitment under a previously announced mezzanine loan investment in the life science industry. Any remaining proceeds would be used for investments consistent with its existing strategy and general corporate purposes.

Stifel is acting as active bookrunner for the offering. A.G.P./Alliance Global Partners, Huntington Capital Markets, and Oppenheimer & Co. are serving as passive bookrunners. Academy Securities, Clear Street, Compass Point, Roberts & Ryan, Roth Capital Partners, and Wolfe Capital Markets and Advisory are acting as co-managers.

The offering is being made pursuant to an automatic shelf registration statement on Form S-3 filed with the SEC on February 21, 2025.